Supervisors

Are your Supervisors fit for purpose?

Supervisors need to pass an appropriate qualification, if they are responsible for supervising an employee who advises retail clients on packaged products (eg. life policies, units in regulated CIS etc.) where that employee has not yet been assessed as competent. The FSA (now FCA)  also expects that supervisors should have the appropriate technical knowledge and coaching and assessment skills to act as a supervisor.

Firms should ensure that employees are appropriately supervised at all times. How closely the individual is supervised will depend on whether they have been assessed as competent and the extent of their experience.

The level and intensity of supervision should be significantly greater before competence is achieved than afterwards. The FCA also expects firms to have clear criteria and procedures to identify the specific point at which the individual becomes competent so that they can demonstrate when and why a reduced level of supervision is warranted.

Need help with training and monitoring your supervisors?

If you feel your firm needs guidance on any aspect of FCA supervision requirements call 0845 300 5326 and talk to our experienced Compliance Support Unit about our Supervision courses.

View the Supervisor Course agenda here